Singapore's retail and industrial property sectors are expected to continue to outperform the office market, which is feeling the impact of dampened demand from financial firms, analysts say. Across the board, the pace of increase for rentals and prices in the three sectors declined in the fourth quarter of last year, data released by the Urban Redevelopment Authority (URA) showed yesterday. But the...
Office / Retail Space
Experts have said that commercial and industrial property will continue to outperform the office market this year. This comes after Urban Redevelopment Authority (URA) figures showed higher quarterly prices for industrial (4 per cent quarter-on-quarter) and commercial assets (13.8 per cent quarter-on-quarter). Meanwhile, city rentals have slowed. The trend of cooling office rents is clear. While URA's...
Redevelopment works for entertainment complex Iluma is set to be completed by the middle of the year. Located in Bugis, Iluma opened more than two years ago, but it has not been able to attract the large crowd it had hoped for. Last April, CapitaMall bought over Iluma and has put in $38 million into the mall's redevelopment. When completed, there will be more retail shops and restaurants on the first...
Vacancy rates of Grade A offices in the central business district (CBD) rose to 6.9 percent in the fourth quarter last year, according to property consultancy Savills Research in its latest report on the office sector on Wednesday. It said vacancy rates for such premium office space have remained below 5 percent over the last five quarters. The report also pointed out that the Shenton Way area recorded...
The People's Park at Block 32 New Market Road will be renamed People's Park Plaza once retrofitting works are completed. It is all part of efforts to help bring in more business for tenants there. The block is one of four sites to receive upgrading, and one of 35 sites to receiving funding for promotional activities from the Housing and Development Board's (HDB) Revitalisation of Shops (ROS)...
Office rents have started to show signs of falling and analysts say the pipeline of new office space is not going to help. According to Colliers International, rents in the Central Business District fell by 1.6 per cent on-quarter in the fourth quarter of 2011. The decline was worse in the Grade A micro market of Raffles Place and New Downtown, where rents fell by 4.3 per cent. This is the first drop...
Residents at Jurong will soon have a retail mall that's more than half the size of ION Orchard right at their doorstep. Located at Jurong Gateway, Westgate - a mixed development project is expected to offer international and high street fashion, dining options as well as office space. The S$1.5 billion project broke ground on Thursday. Jointly developed by CapitaMalls Asia, CapitaMall Trust and...
A new hotel-cum-serviced-suites and a new shopping mall have opened their doors in one-north. The four-star Park Avenue Rochester hotel is targeted for business and leisure travellers in the Buona Vista district. It also offers residential facilities as well as amenities for research, recreational and educational activities. The 271-room hotel started operations last month. Meanwhile, the Rochester...
Office rents in the Raffles Place business district have stalled, according to figures from property services firm, DTZ. Prime office rents were unchanged in the second half of the year, after rising by 5.4 per cent and 3.3 per cent in the second and first quarters respectively, DTZ said. DTZ attributed the stagnation to occupier concerns over the worsening Eurozone debt crisis. The average office rent...
Lucky Plaza - which was hit by flooding again last Friday - is in the process of installing flood barriers. Its management told Channel NewsAsia it is in discussion with national water agency PUB and the relevant authorities. It is unable to reveal further details. Channel NewsAsia understands the project has been in the works since last year, when Singapore experienced one of its worst flooding in...